Currently, the US PCE inflation data is about to be released, and Federal Reserve Board member Cook is also facing legal scrutiny. These two events happening simultaneously have pushed the market into a typical "data-driven" and "policy uncertainty" double bind.

How should we understand the significance of this moment? Simply put, traditional safe-haven assets like gold have been sustained by the story of "inflation hedging." But when the macro environment becomes so complex—on one side, economic data may exceed or fall short of expectations, and on the other side, policy-making remains uncertain—gold's "safe-haven logic" is truly being tested.

For risk assets like Bitcoin and Ethereum, this environment is both a challenge and an opportunity. Market participants are re-evaluating the allocation value of different assets. From the movements of certain institutions, the appeal of Bitcoin as a new type of safe-haven asset is rising, reflecting investors' reassessment of traditional safe-haven tools.